What you’ll learn
- Direct Labor Variance – In this course you will learn the labor rate variance focuses on labor wages and is defined as the difference between actual direct labor expenses and budgeted costs based on industry standards.
- Direct Material Variance – In this section we will see the variation between the standard cost of materials generated from production activities and the actual expenses incurred is known as the direct material variance. Two other variances make up the direct material variance.
- Management by Exception – In this section we will see that management by exception is the technique of analyzing a company’s financial and operational outcomes and only bringing issues to management’s attention if the results differ significantly from what was budgeted or expected.
- Transfer Pricing – In this topic we will see that transfer pricing is the value which is attached to the goods or services transferred between related parties.
- Performance Measures – In this section we will learn data-driven performance measurements convey whether an activity is meeting its objectives and making progress toward policy or organizational objectives.
- Business Unit Profitability – In this topic we will see that profitability of a business unit is determined via a business unit profitability analysis. The whole cost method considers all expenses that affect a business unit, even if they also affect ALL other business units.
- Financial Profitability – In this section we will learn financial profitability is a metric for determining how efficient a company is – and, ultimately, whether it succeeds or fails. A business’s ability to provide a return on an investment based on its resources in comparison to an alternative investment is another definition of profitability.
- Balanced Scorecard – In this topic we will see balanced scorecard is a framework for implementing and managing strategy. It connects strategic objectives, measures, targets, and actions to a vision.
- CVP Analysis – In this section we will learn CVP analysis is a cost-volume-profit method of cost accounting that examines the influence of varied levels of expenses and volume on operating profit.
- Special Order Analysis – In this section we will learn a special order is a one-time customer order that often involves a large quantity and a cheap price in cost
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